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Mexico Slaps Financial Sanctions and Embargoes on Foreign Firms
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The Mexican government has taken drastic measures to protect its economic interests and national security by imposing financial sanctions and embargoes on foreign firms. These restrictions are designed to restrict access to the country’s market and ensure that only legitimate businesses operate within its borders.
Tariffs and Non-Tariff Measures
Under the General Import and Export Tax Law, Mexico can impose tariffs on imported goods and services in the form of higher taxes or duties. The law also allows for non-tariff measures such as:
- Quotas
- Labelling requirements
- Import or export permits
- Authorizations or certificates
Technical Barriers to Trade
Mexico has established technical barriers to trade, which can hinder and make more difficult the importation or exportation of specific products. These barriers are usually in the form of formalities and requirements based on the technical characteristics of the products.
Prohibited Products
Mexico has banned the importation, exportation, and circulation of certain products within the country, including:
- Electronic cigarettes
- Spare parts of electronic devices
- Drugs (such as cocaine), morphine, LCD, opium, turtle eggs, totoaba liver, hazardous chemicals, radioactive products, and certain weapons and materials
Restrictions on Foreign Firms
Mexico is a signatory member of the General Agreement on Trade in Services, which covers all services provided therein. However, there are some restrictions on foreign firms operating in certain sectors of Mexico’s economy.
Targeted Restrictions
The Mexican government has imposed targeted restrictions on dealings with:
- Al-Qaida
- Iran
- North Korea
- Afghanistan
- Congo Republic
- Sudan
- Lebanon
- Yemen
In 2018, Mexico imposed retaliatory measures on certain US products in response to President Donald Trump’s duties on Mexican steel and aluminium exports to the United States.
Obtaining a Licence to Trade
To obtain a licence to trade goods, technology, and products subject to restrictions, importers and exporters must request an import or export permit or authorization from the competent authorities. The application process is carried out through a digital platform, with no verbal communication necessary. After submitting the application, petitioners can reach the authority in charge of the approval of the permits to discuss the approval process.
Conclusion
The Mexican government has taken steps to restrict foreign firms’ access to its market and protect its national security. These measures are designed to safeguard Mexico’s economic interests and ensure that only legitimate businesses operate within its borders.